Event Overview
The "Budget Pe Charcha 3.0” panel discussion was a significant event that brought together experts to analyze the 2024-25 budget. The session began with an address by the Director of the college, who outlined the key focus areas of the budget, setting the tone for the discussions that followed. Moderated by Dr. Yogesh Kulkarni, the event featured prominent speakers such as Dr. Ishfaq Ahmed, Anitha Rangan, and Pallavi Mulay. The panelists provided in-depth insights into the budget’s implications across various sectors, discussing challenges, opportunities, and the way forward.
Speaker Introductions
● Dr. Yogesh Kulkarni, the session’s moderator, brought over 19 years of industry experience to the table. Currently the Associate Director at Care Edge (Care Rating Group), Dr. Kulkarni’s background in economics, ESG research, and advisory was instrumental in steering the discussion towards critical aspects of the budget.
● Dr. Ishfaq Ahmed, the Program Chairperson, contributed valuable insights during the discussion. A distinguished academic with a Ph.D. from the University of Hyderabad, Dr. Ahmed specializes in public economics, macroeconomics, and econometrics. His extensive research and presentations at national and international conferences underscore his expertise.
● Anitha Rangan, a Chartered Accountant with over two decades of experience, enriched the discussion with her perspectives from her roles at Lehman Brothers, HSBC Asset Management, and CRISIL. Currently the Director and Economist at Equirus Capital, she emphasized the need for robust fiscal strategies.
● Pallavi Mulay, with over 20 years of experience as a business economist, provided strategic insights from her role in the Strategy Planning Department at UltraTech Cement (Aditya Birla Group). Her contributions highlighted the socioeconomic challenges and opportunities addressed in the budget.
Key Discussion Points
1. Infrastructure and Rural Development: The panel critiqued the budget for insufficient funding aimed at upgrading rural physical infrastructure, which continues to impede overall development. Despite increased budget allocations, the slow pace of rural development and underemployment remain pressing concerns, exacerbated by a lack of corporate incentives to expand services into these regions.
2. Agricultural Sector Challenges: The budget’s emphasis on higher subsidies and crop insurance was appreciated, but the panelists pointed out the slow implementation of comprehensive agricultural reforms and inadequate financial support for farmers. Concerns were raised about the poor execution strategies for agricultural workers, which continue to undermine the sector’s potential.
3. Taxation and Middle-Class Relief: The discussion highlighted the minimal relief provided to the middle class, along with the complexities of the GST system. The panelists noted that this has led to limited impacts on inflation and consumption spending. There was a strong call for simplifying tax policies to encourage economic growth and ease the burden on the middle class.
4. Support for MSMEs: The need for increased subsidies and support for MSMEs was a recurring theme. The panelists emphasized the importance of strengthening small businesses, which are vital for job creation and economic resilience.
5. Gender Disparities and Women’s Initiatives: Although the budget increased support for women’s initiatives, the panel acknowledged that widespread gender disparities continue to exist. More targeted efforts are needed to bridge these gaps effectively.
6. Housing Sector Issues: While the budget’s focus on low-income housing subsidies was welcomed, the panelists critiqued the weak implementation, pointing to the significant deficit in housing units and the ineffective execution of housing policies.
7. Fiscal Policy and Economic Growth: The panel explored the delicate balance between high fiscal deficits required for growth and the need for sustainable, growth-oriented spending. The discussion also touched upon the impact of the Russia-Ukraine conflict on inflation, reinforcing the need for sound fiscal management to navigate global uncertainties.
8. Climate Change Considerations: The inclusion of climate change in policy actions was a significant discussion point. The panel examined its impact on financial markets, commodity prices, and agricultural productivity, stressing the need for government intervention to mitigate these effects.
9. Stock Market and Economic Indicators: The role of stock markets as critical indicators for macroeconomic modeling was emphasized. The panelists advocated for integrating stock market responses into policy decisions to ensure more informed and strategic economic planning.
10. Optimism Towards the 2024-25 Budget: The session concluded on an optimistic note, with panelists expressing confidence in the 2024-25 budget’s focus on fiscal discipline and growth. They highlighted the importance of health, education, and infrastructure while calling for greater transparency and efficiency in policy execution. The discussion reiterated the need to address challenges such as corruption, ensuring a brighter economic future for India.
Conclusion
The "Budget Pe Charcha 3.0” panel discussion offered a comprehensive analysis of the 2024-25 budget, with expert insights across various critical sectors. The event underscored the importance of strategic implementation, enhanced support for underserved areas, and a balanced approach to fiscal and economic growth. As India aspires to achieve a $10 trillion economy, the panel’s discussions highlighted the need for continued focus on key areas such as infrastructure, gender equity, climate action, and sustainable economic reforms.
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